Solidere, the company in charge of developing Beirut Central District (BCD), managed to turn its losses to profit in the first half of 2016, compared to the same period of last year.
The turnaround is mainly due to the sale of more plots of land.
According to Solidere’s financial statement, the company recorded $72 million profit. In July 2015, Solidere had recorded around $29 million in losses.
The company has sold land worth $129 million, five times more than last year.
“There were deals in the pipeline that were almost concluded by the end of 2015 and were recognized during the first half of the year,” a source at Solidere said.
The deals were for plots across BCD. The source said: “The land will mostly be turned into residential and office projects by the investors.”
Total liabilities at the end of the first half were down five percent to $912 million, while assets remained almost stable at $2.9 billion.
Last June, the company’s General Assembly declared $35 million in dividends. The dividends are distributed as one share per every 80 shares held, in addition to $0.10 per share.